Ukraine: court freezes Poltava GOK shares

A Ukrainian court has limited 50.3% of Ferrexpo Poltava Mining (FPM) shares, belonging to Ferrexpo AG Switzerland, the only shareholder. Ferrexpo AG says the arrest does not affect the ownership of the shares, but prohibits their transfer. The group believes this is connected with issues of the company beneficiary Konstantin Zhevago and a company he…

Ukraine: PGOK reports difficulties with delivering pellets to Port Yuzhniy

Ukrzaliznytsia (Ukrainian Railways) continues preferring Russian transit cargo to local transportation, the letter of the Poltava Mining and Processing Works commercial director Dmitry Spatar to the minister of infrastructure Vladislav Krikliy says. “Despite the promise to decrease the volume of transit cargo from 240 thousand tons to 40 thousand tons, an increase of transit cargo…

Ukraine: PGOK to see railroad electrified

This year Ukrzaliznytsia intends to finish the electrification of the Potoki – Zolotnishino route, which unites the main railroad with the Poltava Mining and Processing Works. This is expected to improve the efficiency of the company operation. According to Ferrexpo investors and communications director Ingrid MacMahon, the route electrification will decrease the time of products…

Ukraine: PGOK profits in 2017

In 2017 Poltava Mining and Processing Works received the consolidated net profit of 4.27 billion UAH as opposed to the consolidated net loss of 40.44 million UAH in 2016. According to the company statement, its EBITDA last year grew 16-fold, to 6.04 billion UAH from 377.42 million UAH in 2016. The net income increased by…